The California Digital Financial Assets Law (DFAL) is now in effect and is reshaping how cryptocurrency and digital asset businesses operate in the Golden State. Originally enacted as Assembly Bill 39 (AB 39), the law establishes a comprehensive licensing and regulatory framework for businesses engaged in digital financial asset activities, drawing heavily from New York’s […]
On June 12, 2026, the Financial Crimes Enforcement Network (FinCEN) issued updated guidance clarifying how financial institutions, including money services businesses (MSBs), may use Section 314(b) of the USA PATRIOT Act to share information about suspected fraud. While many institutions have historically associated 314(b) information sharing with money laundering and terrorist financing investigations, FinCEN’s latest […]
On May 19, 2026, the President of the United States of America, Donald J Trump, signed an Executive Order, “Restoring Integrity to America’s Financial System,” that expands customer due diligence expectations and enhances financial transparency requirements. While early discussions focused on whether financial institutions would be required to collect proof of citizenship from all customers, […]
In today’s evolving financial services landscape, where fintech, payments, and compliance increasingly overlap, FBO accounts have become a recurring focal point. For banks, fintech startups, and licensed money transmitters, understanding how these accounts operate and how they connect to licensing requirements is essential. The following will break down what FBO accounts are, who uses them, […]
The Financial Crimes Enforcement Network (FinCEN) has proposed a rule that would fundamentally reform how anti-money laundering and countering the financing of terrorism (AML/CFT) programs are designed, operated, and reviewed. For money services businesses (MSBs), this is more than a regulatory update; it’s a reset of expectations. The proposal moves the industry away from checkbox […]
